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Oklahoma Insurance

Oklahoma Insurance producers and OID

QuestionAnswer
What are the Four Requirements to become a Oklahoma Insurance Commissioner. 1. Must Be at least 25, 2. a resident of Oklahoma for a least 5 yrs. 3. have a minimum of 5 yrs experience in the insurance industry. 4. have no financial interest in any insurer, agency, or Insurance transactions except as policyholder or claimant.
All of the following are true regarding the Oklahoma Insurance Commissioner EXCEPT? 1. Minimum of 5 years experience 2. appointed by the Governor 3. must be 25 yrs old 4 . serves a four (4)yr term . 2 the commissioner is not appointed by the Governor
How often can Oklahoma Insurance Department adopt new Rules and Regulations? As often as necessary
A person who selects risk for the insurer is a: Underwriter
Chartered under the laws of another state, but has an office in Oklahoma ? Foreign Insurer
Chartered under the laws of another Country, but has an office in Oklahoma ? Alien insurer
Chartered under the laws of Oklahoma and has an office in Oklahoma ? Domestic insurer
When does a Certificate of Insurance Renew ? March 1st of every year
Has a Certificate of Authority issued by OID? Authorized Insurer
Has NO Certificate of Authority issued by OID? Un-Authorized Insurer
Un- Authorized Insurers sell what type of insurance Surplus Lines
Insurance for the insurer, the insurer may transfer the risk by purchasing insurance from another insurer. Protects from a large single Loss Reinsurance
Commissioner must by law order an examination of all Domestic, Foreign and Alien insurer s every_______ years. Five
Following the examination, the chief examiner must file a report with in ___________ . 30 Days
The examined insurer has up to _______ to make a rebuttal, which is the right to disagree. 20 Days
what is the cost of insurance per unit of exposure called ? Rate
Oklahoma is a __________________ state, which means rates are effective 30 days after filing unless disapproved. File and Use
The OID will give a ______ notice before a rate hearing 10 day
A Civil Penalty of ________ can be assessed against an insurer by the OID. $1000.00 to $5,000.00
Licenses are issued for a Biennial Period (two years ) except for Apprentice Trainee adjuster which is issued for _____ on a temporary basis .. 180 days
A person authorized to act on the behalf of the insurer? Agent
What are the three types of authority ? Expressed , Implied and Apparent
Specifically granted to an agent in a producer's WRITTEN contract between the insurer and producer . Expressed Authority
Authority that is not specifically granted under express authority, but is assumed to be granted for the general business practices such as advertising . Implied Authority
Authority others believe the agent has based on words , deeds or actions made by the agent. Apparent Authority
the Client or Policy owner Third party
The insurer must be appointed a producer with in _______ after the date of the agency contract 15 days
Am insurer must notify the OID with in _______ from terminating a producers appointment 30 days
An appointment is for a period of 12 months
A person held in trust is known as Fiduciary
An insurer's documentation to do business in Oklahoma is called ? Certificate
The four requirements to becoming a Producer ? 1. be at least 18 yrs of age 2. Pay Oklahoma fees 3. have a producer (sponsor) 4. pass the license examination with at least a 70%
All Licensees, including producers, adjusters, and surplus brokers must maintain policy records at his or her place of business for a period of _______ from the date of the last transaction 3 yrs
A Notice of Change legal name,mailing address or email must notify Oklahoma Insurance Department (OID) with in ________ 30 days
$100 to $1,000 civil fine for failure to notify with in _____ of the date of the change can apply 45 days
During a biennial term of license the licensee must complete _______ total of continued education for an Producer 24 hours
During a biennial term of license the licensee must complete _______ total of continued education for an CSR 13 hours
Up to ____ my be carried over to the forward 24 months 6 CE hours
OID must give ______ written notice ( registered mail ) and not more then _____ of a hearing . 5 days, 30 days
Commissioner must submit all finding with in __________ of the hearing 30 days
Right to appeal ... the licensee has _____ to file with the court for review 30 Days
Acknowledgement of receipt of Claim, the insurer must respond to claimant within ______ of a notification of a loss notice Thirty days
Acknowledgment of a loss may be Written or Verbal
Insured's responsibility to summit a completed Proof of Loss must be filed with in ___________ 60 Days
the insured's responsibility to accept or deny must be filed within ________ from receipt completed 45 Days
Under the unfair claims settlement practice Act, the insurer must acknowledge receipt of a homeowners claim to the claimant within Thirty Days
Conditions that increase the chance of a peril Hazard
Three types of Hazards are Physical, Moral and Morale
What arises from visible material or structural features (touch) ? Physical Hazard
What arises from morality of insured, intentional and deliberate destruction . Moral Hazard
What arises from a careless attitude, indifference or irresponsibility ? Morale Hazard
Adverse Selection The tendency for less favorable risks , high risk individuals, to purchase insurance
Reduce ( Loss Control) Decrease the risk by lowering the hazard
Retain Assume the financial risk and pay for the loss
Avoid Eliminate the risk, do not engage in the activity
4 Elements of a legal contract? 1. Legal purpose 2. Agreement ( Offer and Acceptance ) 3. Consideration 4. Competent parties
what is not required to have a legal contract? EQUAL exchange of values
Created by: Vtolleson
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